In 2022, every country will focus their attention on accelerating economic recovery. This will include laying the foundation for the next step of sustainable growth after the Covid-19 situation relax. One of the interesting ideas that industrialists can adopt is the suggestion of five trends under the concept of G-RO-W-T-H proposed by Krungthai Compass.*
G-Green economy
Governments around the world will focus more on achieving Carbon neutrality/Net Zero Emission through various policies. Thailand has also announced the goal to achieve Carbon Neutrality by 2050 and Net Zero Emission by 2065. Hence, manufacturers looking to succeed in both national and international markets should learn to adapt to technologies, alternative energy, raw materials, and production guidelines that are in line with these policies.
RO-Re-Opening
Krungthai Compass estimates that Chinese tourists may be able to travel out of the country freely by the end of 2022, so relevant businesses should develop quality and sustainable tourism in the meantime. For examples, tourism as a medical service and health promotion which is in line with Thailand’s S-curve and New S-curve economy in order to finally become a medical hub in the region.
W-Work and Workforce
The COVID-19 pandemic has created an employment crisis that leads to The Great Resignation. Krungthai Compass suggests that organizations should remodel their working styles by taking employee safety into account, and promote the development of personnel skills especially in the digital aspect so these employees can support the company’s competitiveness in the future.
T-Technology driven
Today's technologies are developed at exponential rate, and have become important factors for the industry to gain an advantage over their competitors. Examples of technologies that manufacturers should quickly study and deploy are Industrial Internet of Things (IIoT), quantum computing, blockchain, cloud computing, and AI. Currently, there are many agencies that provide consulting or funding that entrepreneurs can contact for assistance.
H-Health
COVID-19 is forecast to eventually become local endemic with reduced severity. This will result in the popularity of health care at home through standardized testing equipment, as well as the rise of virtual health visits and medical services through applications or the Internet (Telehealth).
*Source: Krungthai Compass
It is undeniable that crisis initiates adaptation for growth. Come get the useful insights as well as smart technologies, business partners in the region and parade of business-inducing activities at “Manufacturing Expo 2022” to tackle challenges and competitions head-on. Let’s find your new power for the modern world with us!
